LSDefine

Simple English definitions for legal terms

defeasance clause

Read a random definition: albanus

A quick definition of defeasance clause:

A defeasance clause is a part of a mortgage agreement that says if the borrower pays back the loan on time, the lender's ownership of the property will be cancelled. This means that the borrower will fully own the property again.

A more thorough explanation:

A defeasance clause is a provision in a mortgage agreement that states that the transfer of ownership to the lender will be void if the borrower pays off the debt on time.

For example, let's say John takes out a mortgage to buy a house. The mortgage agreement includes a defeasance clause that states that if John pays off the mortgage in full by the due date, the lender will not have any claim to the property. This means that John will own the house outright and the lender will have no legal right to it.

Defeasance clauses are designed to protect borrowers from losing their property if they are able to pay off their debt on time. They give borrowers the peace of mind that comes with knowing that they will not lose their property if they are able to meet their financial obligations.

defaulter | defeasible

General

General chat about the legal profession.

General >T14 Off Topic

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llama

9:31

some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173

llama

9:32

[kevin oleary]

jackfrost11770

9:33

worthless i trust you implicitly you know what it will happen now.

jackfrost11770

9:33

worthless i trust you implicitly you know what it will happen now.

jackfrost11770

9:33

worthless i trust you implicitly you know what it will happen now.

jackfrost11770

9:33

worthless i trust you implicitly you know what it will happen now.

jackfrost11770

9:33

worthless i trust you implicitly you know what it will happen now.

WorthlessAttractiveZombie

9:34

I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)

jackfrost11770

9:35

IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES

jackfrost11770

9:35

HELLO

WorthlessAttractiveZombie

9:35

it sent a million times lol

jackfrost11770

9:35

WHAT HAPPENED

TheAdoptedOne

9:35

yeah i thought you were tweaking for a second

jackfrost11770

9:35

i'm so sorry everyone what the actual fuck this website hates me

WorthlessAttractiveZombie

9:35

Jack's just tweaking on LSD no biggie

jackfrost11770

9:36

to be fair this accurately represents my mental state

KnowledgeableRitzyWasp

9:37

election day psychosis coming in hot (fordham)

jackfrost11770

9:38

usc pls pull through .....

jackfrost11770

9:38

i literally just need one A so i can relax before my ED decision

WorthlessAttractiveZombie

9:38

oh that's right USC might release

soapy

9:43

USC still has not looked at my app

WorthlessAttractiveZombie

9:43

when did you submit soapy?

soapy

9:44

10/16

WorthlessAttractiveZombie

9:44

to be fair it took them almost 2 months for me to go under review

soapy

9:44

Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7

WorthlessAttractiveZombie

9:45

I have not had a date change either for Mich but I've seen people get in without one so who knows

TheAdoptedOne

9:46

I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw

soapy

9:46

But do people get in without addresses going long?

WorthlessAttractiveZombie

9:46

it's tough to tell because a lot of people type out their addresses long to begin with

soapy

9:46

Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that

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